14 Mar 2023 19:20

Phosagro plans to double fertilizer shipments to Africa over five years - top manager

MOSCOW. March 14 (Interfax) - Phosagro plans to double the volume of fertilizer it supplies to African countries over the next five years, Alexander Sharabaiko, Deputy CEO for Finance and International Projects, said.

"Our plans include to double exports to Africa from today's numbers over the next five years," Sharabaiko said, speaking at a forum in Moscow. Over the past five years, the company has increased its exports to African countries by a factor of four, and now provides more than 30% of all Russian fertilizers to this market, he said.

"Unfortunately, our company, like all Russian manufacturers, is faced with a complete withdrawal from the Russian market of international container lines, with shipping companies refusing to provide ships, refusals from insurers (...), the complications with settlements. The duration of compliance procedures is growing every day (...). It is important for us to work together with African countries to strengthen supply chains," the top manager said.

Phosagro clarified that in 2022 the company exported almost 500,000 tonnes of fertilizers to Africa. Phosagro's sales geography covers 21 African countries; the main local markets are South Africa, Benin, Kenya, Côte d'Ivoire, Mali and Cameroon.

"As part of the development of the African segment, Phosagro intends to cooperate in expanding distribution networks on the continent and in creating enterprises for filling and packaging fertilizers," the company said.

Africa accounted for just under 6% of Phosagro's revenue in 2021. The company did not disclose data for 2022.